Takefuji Gets OK For Plan To Repay 20% Of $20B Debt

Law360, New York (October 31, 2011, 2:48 PM EDT) -- A Tokyo court confirmed bankrupt Japanese consumer credit company Takefuji Corp.'s reorganization plan after most creditors voted in support of the plan, which will repay 20 percent of its total debt of 1.5 trillion yen ($19.8 billion), the company said Monday.

One-hundred percent of secured creditors voted in favor of the plan, while 85.43 percent of unsecured creditors voted for it. According to the company, it will begin making repayments under the plan in mid-December.

“It is possible that it will take some time for the...
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